IBIT Interbit Ltd

INTERBIT LTD. (TSX Venture: IBIT) (the “Company”) announces that further to its September 24, 2019 press release, the Company is narrowing candidates to perform a third party review and audit of the InterbitTM platform (the “Platform”) code and design. As previously announced, the Company is seeking assessments regarding Platform code and design and improvements to its functionality, stability and performance such that the Platform may be competitively deployed in a commercial scenario.

During this time of review, the Company has halted all material development activity by its third party developers and engineers based in Eastern Europe.

The Company also announces that it has terminated its relationship with Tom Thompson, Chief Technology Officer of the Company, effective immediately.

In addition, the Company has accepted the resignation of Scott Maxwell, Chief Operating Officer of the Company.  The Company thanks Scott for his hard work during his time at the Company, and appreciates that he will be available to the Company, from time to time, on a consultancy basis.

Pending the outcome of the Platform review and in order to minimize costs and conserve cash, the Company will not be initiating a search for a replacement CTO or COO until go-forward technical needs and requirements are clear.

ABOUT THE COMPANY

The Company is a technology platform provider listed on the TSX Venture Exchange and operating from both Canada and the UK with offices in Calgary and London. 

For further information please contact:

Dominic McCann, CEOPhone: +1-778-834-8417Email: investor@interbit.ioWebsite: www.interbit.io

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this release are forward-looking statements, which include, the identification of suitable third parties to review the InterbitTM platform, timing and receipt of adequate feedback from third parties in respect of their review of the InterbitTM platform, further development of the Company’s business relationships and business and the timing, development, launch and success of the Company’s technologies and products (including, without limitation, successful development and commercialization of the InterbitTM platform), timing of receipt of feedback in respect of patent application examinations, successful receipt of patents in connection with the Company’s patent applications, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, the development of competitive technologies, the marketplace acceptance of the Company’s technologies and products, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis for the year ended December 31, 2018 available at www.sedar.com, many of which are beyond the control of the Company. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release.  Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.